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Some aspects of inventory control in the soap industry
Author(s) -
Ritchie Edmund
Publication year - 1952
Publication title -
journal of the american oil chemists' society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.512
H-Index - 117
eISSN - 1558-9331
pISSN - 0003-021X
DOI - 10.1007/bf02632657
Subject(s) - control (management) , work (physics) , business , frame (networking) , inventory control , operations management , position (finance) , action (physics) , set (abstract data type) , record keeping , marketing , computer science , balance (ability) , operations research , accounting , economics , finance , engineering , telecommunications , mechanical engineering , physics , quantum mechanics , programming language , medicine , artificial intelligence , physical medicine and rehabilitation
Summary To obtain inventory control, you must first have records. Secondly, you must have some way to activate these records so that intelligent use can be made of them. The burden of record keeping should not be allowed to become paramount. The important thing is the action taken on the records, not the records. Thirdly, one person should be given the authority to control inventories for a given number of items. He, of course, will work within the frame‐work set up by top management as to the desired inventories to be carried, but within this frame‐work there is a great deal of leeway and, by smart requisitioning, he can do much to obtain lower inventories. Achieving lower inventories means the saving of dollars. And, after all, profits are what people are after in business. By keeping inventories in balance, he not only reduces the amounts carried but puts the company in a much more flexible position. In modern industry ability to change is important. The inventory control group has the responsibility to see that for its part the company is always ready to meet this ever‐changing sales picture.